Imagine, you are sipping your evening cup of coffee, your business is doing well- you have everything under control. You have successfully incorporated that e-commerce functionality with your existing website and currently using the backend to access all your customer data. With manual data entry sending stock statements to warehouses via email – it is all working out for you. Suddenly, it is festival season and there’s a huge surge in orders. You are horrifically understaffed because of the festival and one of your employees takes this opportunity to point out that “ Product X” is out of stock. With a heavy heart, you have to notify your customers ” We are very sorry for the inconvenience – you may experience a delay in your shipment” but the festival is gone, customers are infuriated and you are left with a lost opportunity. If only you had taken action on the inventory management software before…
This situation may sound a bit too familiar for small businesses. Inventory management if not done properly can drag a business down to its ruins. The increasing consumer demand for faster shipping, the changing and ever-fickle consumer mind calls for a real-time inventory management system that keeps your business VISIBLE 24*7.
It is said that 30% of online shoppers switch to a competitor’s site if the product is not available at their preferred site. Hence full control of inventory is inevitable for a smooth customer experience.
Here are 6 pointers on the benefits of a real-time Inventory Management system :
- Track all movements of every piece of your stock through IMEI No / Serial No. Track every movement of a product from store to store, warehouse to warehouse, and production floor to the production floor.
- Eliminate dead stocks.
- Calculate and evaluate your Cost of Goods Sold (COGS) and, ultimately, your profitability real-time with FIFO, LIFO, and WAC. In some inventory management systems, you can track item-wise profitability.
- Manage multiple sales and purchase price lists by customer/vendor and automate your inventory movement for rates.
- Say goodbye to fluctuating inventory levels and manual stock statements.
- Forecast consumer demands and plan your supply accordingly.
Usually, Inventory management is a part of an ERP but it is also available standalone. Be ahead of your competitors and never lose control and visibility of your business with a real-time inventory management solution.
A cloud solution is a better alternative than an on-premise solution for small businesses as you get the maximum value for a much lesser investment.
Want to talk to us about your streamlining your inventory and getting that control back?